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Annuual Compliances For Proprietorship

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Annuual Compliances For Proprietorship
Annuual Compliances For Proprietorship
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Annuual Compliances For Proprietorship
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Who are the Individual/Proprietor

Taxpayer other than the Pvt.Ltd Companies, Opc Companies, LLp , Partnership , Ltd companies are to be called as Individual/Proprietor.

Why these compliance required for an individual/Proprietor

  • a) If an individual income crosses the basic exempted limit of income then it is mandatory for him to file the Income tax return and if income does not cross the basic exempted limit then it is optional for him for filling the income tax return.
  • b) An individual who is registered under the GST Act is required to file GST returns on monthly basis.

Due dates for filling Compliances

  • a) For the Income tax return filling the Last date will be 31st July after completion of the financial year.
  • b) In case of Gst last date of filling is Gst3b will be next 20th of the following month.

Documents Required For Annual Compliances For Proprietorship

  • Invoices of Purchases and Sales during the year
  • Invoices of expenses incurred during the year
  • Credit Card Statements if Expenses are incurred by Proprietor on behalf on Company
  • Bank Statements from 1 April to 31 March for all bank accounts in the name of firm
  • Copy of TDS Returns filed (If Any)
  • Copy of GST returns filed (If Any)
  • Copy of TDS Challans Deposited (If Any)

Process Involved

  • STEP-1

Documentation

Required documents are provided by client

  • STEP-2

VAT Returns

Checking VAT returns and reconciling with bank statements and books of Accounts

  • STEP-3

Finalization of Balance Sheet

Balance Sheet and Profit and Loss is finalized based on data provided

  • STEP-4

Income Tax Return

Income tax return is filed based on Prepared Balance Sheet

  • STEP-5

Tax Audit

Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores (Charges Extra)

  • STEP-6

Tax Audit

Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores (Charges Extra)

Annuual Compliances For Proprietorship
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FAQs

The Proprietor must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.

There is no limit on the minimum capital for starting a Proprietorship. Therefore, a Proprietorship can be started with any amount of minimum capital.

It is not necessary for Proprietorships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.

Proprietorship firms are business entity that are owned, managed and controlled by one person. So Proprietorship firms cannot issue shares or have investors

No, the Proprietorship firm and the Proprietor are one and the same. The PAN Card of the Proprietor will be the PAN Card of the Proprietorship business.Therefore, there will be no separate legal identity for the business. The assets and liabilities of the Proprietorship business and the Proprietor will also be one and the same.

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